This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Corby Distilleries downs $8.4-million profit in Q1 2009-11-12 16:28 ET - News Release Mr. Thierry Pourchet reports CORBY DISTILLERIES ANNOUNCES QUARTERLY DIVIDEND AND REPORTS FIRST QUARTER FINANCIAL RESULTS
Corby Distilleries Ltd. today released its dividend and financial results for the quarter ended Sept. 30, 2009. The Corby board of directors today also declared a dividend of 14 cents per share payable on Dec. 15, 2009, on voting Class A common shares and non-voting Class B common shares of the company to shareholders of record as at the close of business on Nov. 30, 2009.
For the quarter ended Sept. 30, 2009, operating revenue decreased to $41.1-million versus $46.1-million during the corresponding period a year ago. Net earnings and earnings per share in the first quarter amounted to $8.4-million and 30 cents, respectively, compared with $9.8-million and 35 cents per share, respectively, during the same period in the prior year.
Corby's financial results for the first quarter of fiscal 2010 were impacted by soft market conditions in several provinces in Canada with Alberta and British Columbia being most impacted by weakened economic conditions due to a combination of softening consumer demand, particularly in the on-premise sector, and destocking of inventory levels by key customers in the private retail channels. Furthermore, shipments into the Ontario market in the first quarter were negatively impacted by the threat of a labour disruption experienced in June, 2009, that had the effect of advancing shipments into Corby's fourth quarter of fiscal 2009, which would otherwise have been expected to fall in the first quarter of fiscal 2010.
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